So the discussion then comes down to going offline all together (which no one will do) or as this OP asks for: more regulation. Only that further slows down the pace of innovation and further entrenches the large players due to regulatory capture.
The article you post is a perfect example of why privacy doesn't matter. Do you think the average FB user will wade through that then erase their account? No. They want the value they get out of FB and nowhere in the counter argument is any suggestion of alternatives.